Friday

Big NFP number today. Expectations seem to be around down -100k to down a little more like -125k. I always get a kick out of the BLS birth/death adjustment. Seriously, its sad. People really knock themselves out to trade on this number but its become meaningless with the revision and the birth/death. But the market sure does like to move around on it.

Two charts today. One is one of concern for the shorts. JNK did not participate at all yesterday. Now, the up volume vs down volume chart is a little messy. I put lines on it to show where the market is (usually) after a run up in down volume vs up volume (since the March lows) like we have seen recently. Usually, its much lower... at the bottom of a decent correction. Well now we are at the highs. That, by my way of thinking, is distribution.